Zeta Petroleum PLC (ASX:ZTA) signed a binding heads of agreement to acquire Bombora Natural Energy Pty Ltd for AUD 2 million on April 20, 2017. Zeta will issue 6 fully paid ordinary shares for every 11 fully paid shares in Bombora, resulting in the issue of approximately 27.835 million Zeta Shares. On completion of the acquisition, two nominees of Bombora will be appointed to the Board of Zeta, being John Begg as Managing Director, and Marie Malaxos as Non-Executive Director, respectively. Deal is subject to completion of due diligence by April 29, 2017, approval from Zeta shareholders by May 29, 2017, ASX confirmation that Listing Rule 11.1.3 will not be applicable for the acquisition but Listing Rule 11.1.2 will be applicable, Zeta entering into executive service agreements with John Begg and Marie Malaxos and Bombora shareholders having executed undated separate instruments of transfer for an aggregate at least 90% of the Bombora shares in favor of Zeta. Deal is expected to complete by May 30, 2017.